SEATTLE, Aug. 30, 2022 /PRNewswire/ -- Stably Corporation, a US-based Web3 payment infrastructure and Stablecoin-as-a-Service provider, is proud to announce the native launch of Stably USD (USDS), its regulatory-compliant and USD-backed stablecoin, on the Harmony public blockchain. USDS is also Harmony's first natively-issued stablecoin and the first product release as part of an ongoing collaboration between both Stably and Harmony.
Since the initial launch of USDS on Ethereum in 2018, Stably has been setting new standards for transparency and interoperability in the stablecoin industry. Individual and business users from 200+ countries worldwide can now mint/redeem USDS on Harmony as well as 10+ other networks using a variety of traditional payment methods such as bank transfers and credit/debit cards through Stably.
USDS is a multichain, fiat-backed stablecoin created by Stably and issued by Prime Trust, a Nevada state-chartered trust company and SEC-qualified custodian that also works with FDIC-insured banks. Every USDS token is fully collateralized 1-to-1 with USD held in bank deposits by Prime Trust for the benefit of USDS holders.
"Stably specializes on providing stablecoin and fiat gateway infrastructure for emerging blockchains. Harmony stood out to us in their ability to achieve efficient transactions using both Effective Proof-of-Stake and Fast Byzantine Fault Tolerance for fast and low-cost settlement times," said Kory Hoang, CEO and Co-Founder of Stably. "Harmony's goal of scaling trust for the next billion Web3 users also aligns with Stably's mission of bridging TradFi and DeFi for the next billion Web3 users this decade."
In addition to Harmony, USDS is also natively issued on 10+ other blockchains, including Ethereum, VeChain (as VeUSD), Stellar, and Tezos, plus more coming soon. As a result, USDS can effectively serve as a multichain US dollar "bridge," enabling Web3 users to easily and securely transfer their USD liquidity from one network to another. USDS users can also efficiently exchange their stablecoin for BTC, ETH, LTC, ADA, as well as native USDT and USDC on Ethereum, Solana, Avalanche, and Stellar, via the Stably Prime platform.
USDS avoids the price volatility of traditional cryptocurrencies by always being redeemable for $1 USD per token through Stably/Prime Trust. Stably also partners with Cohen & Co., a leading US-based stablecoin auditor, to provide monthly public attestations for USDS, ensuring that every token in circulation is fully backed by $1 USD of collateral held by Prime Trust.
This launch empowers users to mint or redeem Harmony USDS via a Stably Prime account. Web3 users can also quickly acquire and trade Harmony USDS on decentralized exchanges like SushiSwap which supports the Harmony network.
Stably is a Web3 payment infrastructure provider and FinCEN-registered MSB from Seattle. The company specializes in providing fiat gateways, multi-chain stablecoins, and cross-chain bridged tokens to users of Web3 applications. Stably's mission is to power this decade's next billion Web3 users with regulatory-compliant payment infrastructure across both developed and emerging blockchain ecosystems.
Visit stably.io to learn more.
Harmony is a blockchain-based platform that aims to address the conundrum of achieving both scalability and decentralization without sacrificing either. It is aimed to be a bridge between scalability and decentralization efforts. Harmony was built with the motto "decentralization at scale" in mind, emphasizing data sharing and the construction of fungible token and nonfungible asset marketplaces.
Visit harmony.one to learn more.
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